Trump just issued the same tariffs under different laws and increased them by 10%. Trump effectively turned a legal loss into a short-term tactical win by switching statutes and adding 10%. The 150-day clock on Section 122 forces Congress to act (or not) soon. Markets are volatile right now, but the core tariff pressure mostly continues — just under different legal cover with more friction and legal risk.

IEEPA allows the President to regulate international economic transactions during a declared national emergency, but it never mentions tariffs (which are a form of tax). The Constitution explicitly gives Congress the power to lay and collect taxes and duties.
The ruling strikes down the broad "reciprocal" tariffs and many other global tariffs Trump imposed in 2025 using IEEPA emergency declarations (citing trade deficits, fentanyl flows, etc.).

Tariffs that remain intact (not affected by this ruling):

Section 232 tariffs (national-security based, steel, aluminum, autos — after Commerce Dept investigation).

Section 301 tariffs (unfair trade practices, especially against China — after USTR investigation).
Any tariffs explicitly authorized by Congress.

The White House will pivot to alternative statutes.

Expand Section 232 investigations (national security) — already used for steel/aluminum. This will be broadened.

Expand Section 301 actions (unfair practices) — especially against China and others.
These require more procedural steps (investigations, public comment) but have survived previous legal challenges.

They will declare more targeted IEEPA emergencies ( specific countries or goods tied to fentanyl/national security) and impose measures that are not explicitly called tariffs but achieve similar effects (fees, quotas, licensing requirements).

The ruling sends many cases back to lower courts for refund processing, which will take years and create uncertainty.

The refunds of up to $175 billion will go back to the U.S. companies that originally paid the duties — the importers. Consumers that paid the duties get nothing back. In a month or two, there will be replacement targeted tariffs using the other rules where possible.

Foreign countries (China, Mexico, Canada, EU, etc.) get nothing back.
The refunds go to American businesses — mostly large importers and retailers.
This is why Wall Street and corporate America are relatively happy with the Supreme Court ruling today: it's a big tax cut for U.S. importers.